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December 18, 2014

UK Government pours £1m into seven Internet of Things startups

The winners in full are Digital Shadows, Product Health, Arjun Technology, London Cambridge Cycle, OpenTRV and Superflux.

By Amy-Jo Crowley

A Government-backed body is investing £1m in seven UK start-ups in a bid to help them grow their businesses for the Internet of Things (IoT) market.

The money is part of the former Technology Strategy Board, now Innovate UK’s, £400m annual budget after it launched a competition to create more innovation in the areas of IoT, especially in London and Cambridge.

Called Launchpad, the competition was announced earlier this year by Prime Minister David Cameron and is also supported by Tech City UK and Cambridge Wireless.

The winners include a company looking to reduce IoT-related security risks facing businesses and another firm working on sensors for digital farms.

The winners in full are Digital Shadows, Product Health, Arjun Technology, London Cambridge Cycle, OpenTRV and Superflux.
In addition to the cash, the winners will also get access to a mentor panel from the likes of EE, John Lewis, Unilever, Bosch, Seedcamp, Red Gate and Cisco.

Gerard Grech, Tech City UK CEO, said: "With a critical mass of world-class expertise in both hardware in Cambridge and software in London and other cities, the UK is in a strong position to lead the way in Internet of Things.

"These competition winners are some of the most innovative early stage businesses in the UK’s IoT space and I’m excited to see how they will develop with the funding and mentorship from the initiative’s partners such as Seedcamp, Cisco, RedGate and Unilever."

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The funding announcement comes after David Cameron committed £45m in March to funding innovation around the IoT.

Ed Vaizey MP, Digital Economy Minister, said: "Investing in growth areas such as the Internet of Things is a key part of our long-term economic plan to back business, create jobs and secure a brighter future for Britain.

"We have already put coding into the school curriculum and our rollout of superfast broadband has now passed more than 1.5 million homes and businesses and is reaching 40,000 more each week."

 

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